A Calendar Year C Corporation Reports a $41,000 NOL in 2014,but

question 140

Multiple Choice

A calendar year C corporation reports a $41,000 NOL in 2014,but it elects S status for 2015 and generates an NOL of $30,000 in that year.At all times during 2015,the stock of the corporation was owned by the same 10 shareholders,each of whom owned 10% of the stock.Kris,one of the 10 shareholders,holds an S stock basis of $2,300 at the beginning of 2015.How much of the 2015 loss,if any,is deductible by Kris?

• A)$0
• B)$2,300
• C)$3,000
• D)$7,100

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Definitions:

Sternberg

Refers to Robert Sternberg, a psychologist best known for his triarchic theory of intelligence which proposes that intelligence consists of analytical, creative, and practical components.

Romantic Love

Type of love consisting of intimacy and passion.

Intimacy And Passion

Components of love in Sternberg's Triangular Theory of Love, where intimacy involves feelings of closeness, and passion involves physical attraction and sexual arousal.

Norms

Established standards of behavior and beliefs in a group or society.